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v3.23.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Net Revenues and Earnings | Our segment net revenues and earnings were:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Net revenues: |  |  |  |  |  |  |
Latin America | $ | 1,228 |  |  | $ | 876 |  |  | $ | 2,439 |  |  | $ | 1,702 |
AMEA | 1,609 |  |  | 1,535 |  |  | 3,548 |  |  | 3,402 |
Europe | 2,926 |  |  | 2,626 |  |  | 6,233 |  |  | 5,561 |
North America | 2,744 |  |  | 2,237 |  |  | 5,453 |  |  | 4,373 |
Net revenues | $ | 8,507 |  |  | $ | 7,274 |  |  | $ | 17,673 |  |  | $ | 15,038 |
Earnings before income taxes: |  |  |  |  |  |  |
Operating income: |  |  |  |  |  |  |
Latin America | $ | 134 |  |  | $ | 90 |  |  | $ | 273 |  |  | $ | 193 |
AMEA | 207 |  |  | 211 |  |  | 567 |  |  | 483 |
Europe | 449 |  |  | 380 |  |  | 956 |  |  | 757 |
North America | 580 |  |  | 454 |  |  | 1,146 |  |  | 872 |
Unrealized gains/(losses) on hedging activities (mark-to-market impacts) | 171 |  |  | (109) |  |  | 220 |  |  | (82) |
General corporate expenses | (79) |  |  | (62) |  |  | (156) |  |  | (112) |
Amortization of intangible assets | (37) |  |  | (32) |  |  | (76) |  |  | (64) |
Acquisition-related costs | — |  |  | (5) |  |  | — |  |  | (26) |
Operating income | 1,425 |  |  | 927 |  |  | 2,930 |  |  | 2,021 |
Benefit plan non-service income | 22 |  |  | 30 |  |  | 41 |  |  | 63 |
Interest and other expense, net | (97) |  |  | (98) |  |  | (192) |  |  | (266) |
(Loss)/gain on marketable securities | (189) |  |  | — |  |  | 607 |  |  | — |
Earnings before income taxes | $ | 1,161 |  |  | $ | 859 |  |  | $ | 3,386 |  |  | $ | 1,818 |
Schedule of Net Revenues by Product Category | Net revenues by product category were:
| For the Three Months Ended June 30, 2023
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 309 |  |  | $ | 570 |  |  | $ | 1,129 |  |  | $ | 2,383 |  |  | $ | 4,391 |
Chocolate | 316 |  |  | 563 |  |  | 1,241 |  |  | 56 |  |  | 2,176 |
Gum & Candy | 368 |  |  | 235 |  |  | 220 |  |  | 305 |  |  | 1,128 |
Beverages | 112 |  |  | 150 |  |  | 26 |  |  | — |  |  | 288 |
Cheese & Grocery | 123 |  |  | 91 |  |  | 310 |  |  | — |  |  | 524 |
Total net revenues | $ | 1,228 |  |  | $ | 1,609 |  |  | $ | 2,926 |  |  | $ | 2,744 |  |  | $ | 8,507 |
| For the Three Months Ended June 30, 2022
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits & Baked Snacks | $ | 255 |  |  | $ | 568 |  |  | $ | 1,001 |  |  | $ | 1,901 |  |  | $ | 3,725 |
Chocolate | 243 |  |  | 536 |  |  | 1,140 |  |  | 60 |  |  | 1,979 |
Gum & Candy | 193 |  |  | 201 |  |  | 170 |  |  | 276 |  |  | 840 |
Beverages | 92 |  |  | 144 |  |  | 24 |  |  | — |  |  | 260 |
Cheese & Grocery | 93 |  |  | 86 |  |  | 291 |  |  | — |  |  | 470 |
Total net revenues | $ | 876 |  |  | $ | 1,535 |  |  | $ | 2,626 |  |  | $ | 2,237 |  |  | $ | 7,274 |
| For the Six Months Ended June 30, 2023
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 585 |  |  | $ | 1,239 |  |  | $ | 2,191 |  |  | $ | 4,696 |  |  | $ | 8,711 |
Chocolate | 684 |  |  | 1,310 |  |  | 2,911 |  |  | 140 |  |  | 5,045 |
Gum & Candy | 716 |  |  | 441 |  |  | 453 |  |  | 617 |  |  | 2,227 |
Beverages | 223 |  |  | 358 |  |  | 59 |  |  | — |  |  | 640 |
Cheese & Grocery | 231 |  |  | 200 |  |  | 619 |  |  | — |  |  | 1,050 |
Total net revenues | $ | 2,439 |  |  | $ | 3,548 |  |  | $ | 6,233 |  |  | $ | 5,453 |  |  | $ | 17,673 |
| For the Six Months Ended June 30, 2022
| Latin America |  | AMEA |  | Europe |  | North America |  | Total
| (in millions)
Biscuits | $ | 479 |  |  | $ | 1,225 |  |  | $ | 1,952 |  |  | $ | 3,700 |  |  | $ | 7,356 |
Chocolate | 491 |  |  | 1,242 |  |  | 2,652 |  |  | 137 |  |  | 4,522 |
Gum & Candy | 365 |  |  | 404 |  |  | 322 |  |  | 536 |  |  | 1,627 |
Beverages | 194 |  |  | 341 |  |  | 56 |  |  | — |  |  | 591 |
Cheese & Grocery | 173 |  |  | 190 |  |  | 579 |  |  | — |  |  | 942 |
Total net revenues | $ | 1,702 |  |  | $ | 3,402 |  |  | $ | 5,561 |  |  | $ | 4,373 |  |  | $ | 15,038 |

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